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NFL<\/span> icon <\/span>Tom Brady<\/span><\/a>\u00a0is reshaping the business strategy of his Web3 startup,\u00a0<\/span>Autograph<\/span><\/a>. Tarnished by bear market conditions in 2022 and an ongoing lawsuit with FTX, the company faced a tremendous slump in revenue \u2014 slashing a third of its workforce as a consequence.\u00a0<\/span><\/p>\n Brady launched Autograph, boldly dubbed \u201cthe future of fandom\u201d, in 2021. The platform\u2019s main goal was to sell custom-made digital assets that unlock rewards for passionate fans of many celebrities: Tony Hawk, Usain Bolt, Tiger Woods, and Derek Jeter, among others.\u00a0<\/span><\/p>\n Despite receiving $170 million in Series B funding at the start of last year, thus, having the funds to catapult the platform to great heights, Autograph had to alter its game plan following lackluster success. Rather than solely focusing on <\/span>NFT<\/span><\/a> sales, it now underscores loyalty-building initiatives, including community competitions, and removes crypto buzzwords and jargon from its marketing mix to capture a larger demographic.\u00a0<\/span><\/p>\n Flex your fandom. Our first Prove Your Fandom competition is underway and we’re looking for the biggest Tom Brady fan, voted on by the Autograph community.<\/p>\n Think you take the crown? Enter the competition now & find contest rules here \u2192 https:\/\/t.co\/RhGVNdI4Rr<\/a> pic.twitter.com\/mmN3OoeZ2k<\/a><\/p>\n \u2014 Autograph (@Autograph) June 16, 2023<\/a><\/p>\n<\/blockquote>\n One issue causing a humungous dent in Autograph is Brady\u2019s association with the now ceased FTX. Being an ambassador of the crypto exchange giant amid bankruptcy, he received a total of $30 million shares from the firm, which has now trapped him in a legal battle alongside his supermodel ex-wife Gisele Bundchen \u2014 who received $18 million in FTX stock \u2014 and other celebrity endorsers, including fellow sports star, Stephen Curry.\u00a0<\/span><\/p>\n Although their shares are now worthless, FTX investors initiated the lawsuit, claiming that these luminaries misled the team behind the crypto exchange. The Tom Brady FTX legal conundrum has tarnished the renowned American football player\u2019s reputation in the Web3 sphere, underscoring the hazards linked to influencer promotions and the weight of responsibility famous bodies carry.\u00a0<\/span><\/p>\n Want more? Connect with NFT Plazas<\/b><\/p>\n Join the Weekly Newsletter<\/a> *All investment\/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.<\/em><\/small><\/p>\n Digital art fanatic who brings a unique perspective to NFT news.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
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